Cyber Insurance: AIG, CompTIA & APSHA Reveal Milestones
American International Group (AIG), a worldwide property casualty, life and retirement and general insurance provider, will add cyber coverage to its commercial casualty insurance in the first quarter of next year, according to CISO magazine. Meanwhile, CompTIA and the APSHA see cyber insurance catching on in the healthcare vertical, according to new research.
AIG’s move has key implications. Specifically, AIG commercial casualty insurance customers will be protected if they become the victim of a data breach.
Previously, AIG in April unveiled Family CyberEdge, coverage for high net worth individuals who fall victim to cyberbullying, cyber extortion and other cyberattacks.
Family CyberEdge covers expenses related to data restoration and crisis and reputation management, AIG said in a prepared statement. It also offers a variety of supplemental risk mitigation services, including:
- Assessment of devices, home networks, wireless access points and secure online accounts.
- Cyber assistance tools and resources.
- Online monitoring that assesses and tracks the availability of personal information.
- Training services for family members.
Individual Cyber Coverage: Catching On?
AIG is one of several insurance companies to offer cyber coverage to high net worth individuals.
In addition to AIG, Privilege Underwriters Reciprocal Exchange, a property and casualty reciprocal insurer for high net worth individuals, has introduced PURE Starling coverage for people who suffer financial losses resulting from fraud and cybercrime.
PURE Starling provides coverage for financial losses due to online and offline fraud, malware removal and software reinstallation and attack services to help cybercrime victims assess and mitigate cyber extortion threats, according to a prepared statement. It includes coverage limits that range from $100,000 to $250,000; or, PURE Starling subscribers can receive up to $1 million in coverage if they sign up for the Rubica cyber monitoring service, the company said.
CompTIA Survey: HHS Agencies Are Prioritizing Cybersecurity
Meanwhile, cyber insurance is catching on in the healthcare vertical. The evidence: Twenty-one percent of health and human services (HHS) agencies have obtained cyber insurance, according to a survey of HHS leaders conducted IT industry association CompTIA and the American Public Human Services Association (APSHA).
Other notable CompTIA-APSHA survey results included:
- 79 percent of HHS agencies have adopted a cybersecurity framework based on national standards and guidelines.
- 74 percent have created a culture of information security in state government.
- 74 percent have developed security awareness training for contractors and workers.
- 63 percent have adopted a cybersecurity strategic plan.
Overall, HHS agencies are engaged and invested in improving their cybersecurity readiness, CompTIA said in a prepared statement. These agencies may continue to invest in cybersecurity, creating opportunities for MSSPs in the government sector.